Home Buying in Washington>Question Details

r_a_b, Home Buyer in Washington, NJ

Do you need to have a down payment on a house?

Asked by r_a_b, Washington, NJ Sun Jul 8, 2012

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0 votes Thank Flag Link Tue Jul 10, 2012
It will be to your advantage to have a down payment. If there are any lenders willing to do a no down payment to purchase a home, it's very likely that the interest rate will be pretty high. The higher the risk, the higher the interest rate you will have to pay.
0 votes Thank Flag Link Mon Jul 9, 2012
Not in my area, we have several methods available without a down payment. Have your Realtor introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available, good luck, home this helps,
0 votes Thank Flag Link Mon Jul 9, 2012
Perhaps not to qualify for financing, but in a head to head contest with a buyer who does put some money in the deal, you may not be the victor. Think of the intiial down payment as "skin in the game" or earnest money showing your commitment to the deal. No money down also stresses the appraisal because there is no wiggle room at all. The home must appraise or the price must be adjusted or the deal dies.

My response would be if you are the position to make a down payment, it is the best thing to do. But technnically, you may qualify for a loan --- as others have commented --- that does not require it.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Mon Jul 9, 2012
To echo the sentiments of my colleagues, the down payment requirement depends on loan type. Your lender can discuss this in more detail with you. Also, if you are working with an agent, they can help guide you and may even be able to recommend a lender.

On a side note, if you have no money for a down payment and you are able to qualify for a 0% down loan, that doesn't mean your home free. There are other costs associated with a purchase - earnest money, option period fees, appraisals, prepaid insurance, and then all other associated closing costs. You may be able to find a seller that will help with closing costs, but that is seller / home specific. Discuss all of this with your agent also.

Good Luck!

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-881-6760 (Fax)


'Serving all Your Real Estate Needs'
0 votes Thank Flag Link Mon Jul 9, 2012
Not all mortgage loans require a down payment. Consult with your mortgage lender for the best loan that would work for you.
0 votes Thank Flag Link Mon Jul 9, 2012
No. If you qualify for USDA or a VA loan (you would have to be active/ veteran of military) you wouldn't need a down payment. There are also some 1st time home buyer programs that don't require a down payment.
0 votes Thank Flag Link Sun Jul 8, 2012
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